Winger Corporation owned 900,000 shares of Fegan Corporation stock. On December 31, 2018, when Winger's account Equity Investments (Fegan Corporation) had a carrying value of $5 per share, Winger distributed these shares to its stockholders as a dividend. Winger originally paid $8 for each share. Fegan has 5,000,000 shares issued and outstanding, which are traded on a national stock exchange. The quoted market price for a Fegan share was $7 on the declaration date and $9 on the distribution date. What would be the reduction in Winger's stockholders' equity as a result of the above transactions?

A. 72,00,000

B. 45,00,000

C. 81,00,000

D. 36,00,000